FIAU publishes revised version of Implementing Procedures - Part I

The Financial Intelligence Analysis Unit (FIAU) has published a revised version of Part I of its Implementing Procedures in response to “issues highlighted in Malta’s Mutual Evaluation Report”.

One of the issues refers specifically to the timeframe within which subject persons are to submit Suspicious Transaction Reports (“STRs”) to the FIAU. The latest amendments to Regulation 15(3) of the Prevention of Money Laundering and Funding of Terrorism Regulations (“PMLFTR”) and the said regulation, now require that STRs be submitted to the FIAU promptly and within specific timeframes.

To this end, Chapter 5 of the Implementing Procedures – Part I has been updated and now includes additional requirements and directions on internal and external reporting procedures that subject persons are to have in place so as to ensure that any suspected or known instance of money laundering or funding of terrorism (“ML/FT”), is reported to the FIAU within the timeframes set out in the PMLFTR.

The changes announced by the FIAU, found in the revised version of said Chapter 5, also focus on the function of the Money Laundering Reporting Officer (MLRO) and the resources available for carrying out related obligations. Specifically, the changes allow for reporting within the remit of this function to be delegated to any employee falling under the MLRO’s supervision, although the ultimate responsibility remains that of the MLRO.

The revised Implementing Procedures Part I can be accessed from here.

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Publication date: 16/09/2020